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Sunday, December 27, 2009

1012-1014 Thomas Street - Key West - Short Sale

Consider this little Key West compound an "After Christmas Short Sale" with a really big markdown. The main house has two bedrooms and two bathrooms plus all the niceties we have grown accustomed to expect. There is a separate one bedroom that has a double set of French doors that open onto the pool area. The property has a corner location and the pool gets lots of that fabulous Key West sunshine. This property has been previously listed at $1,400,000, $1,149,000, $699,000 and it is now offered as a short sale at $619,000 or $459 per sq ft.

1012-1014 Thomas Street was just listed, but not by me. CLICK HERE to see the mls listing info and more photos of this property. But to see a different view when the house was listed at a much higher price CLICK HERE but note, these photos depict the condition and furnishings in this property three years ago.

This property is located one block south of Truman Avenue and Thomas Street-two blocks west of Duval Street. The Southernmost Point is only a couple of blocks further to the south on Whitehead Street (one block east).

I believe the planned redevelopment of the recently ceded US Navy property to the City of Key West will create an urgency for the gentrification of the remaining homes in the Bahama Village area where 1012 Thomas Street is located. The former Navy grounds will include a large marina. That means new boats and yachts and that means new money. Money drives real estate investment and redevelopment. A huge amount of money will be spent on the new marina and the rest of the redevelopment project. I think the surrounding properties will get swept-up into the redevelopment of the entire area. I don't think it will happen immediately, but I do think it will happen sooner rather than later.

I have been noticing something occurring that I have not seen in quite a while - more and more construction sites. There is not only a lot of "new" remodeling but also new construction. The city is not dying as some naysayers might lead you to believe. There are very few houses in Old Town with room for a pool that are affordably priced. Potential buyers are once again looking for more reasonably priced properties that they can remodel. The Bahama Village area is close to Duval Street and it also has the proximity to the new waterfront redevelopment.

There is ongoing debate about preserving Bahama Village for the people that grew up there. That's cool and I appreciate not pushing people out of where they have lived for decades. But I have seen enough real estate sales in the Bahama Village area to believe the owners (sellers) are not adverse to taking as much money for their houses as they can possibly get. I think the "market" will absorb the houses in the area and the redevelopment will drive up the property values in the long turn which may not be all that far off. This is just my opinion. Take it for what it is worth.

During my first trip to Key West in 1984 I went to a bar called the Old Plantation located at the corner of Thomas and Southard (CLICK HERE to see a photo of the building in 1965 but note its facade was changed when it turned it into a gay bar years later). The gates to Truman Annex are now located directly across the street. But back in 1984 the location was far off the beaten path. By 1991 or 1992 the gates to Truman Annex were abuzz with activity and the Old Plantation was history. The Old Plantation was razed a few years ago and was replaced by two office condominium projects. Today the location is the forefront to some of the most expensive homes in Key West.

I think the entire Bahama Village area will be abuzz with activity and new construction when the redevelopment of the former Navy property begins. If you would like to see 1012 Thomas Street or any other property in Key West, please call me, Gary Thomas, 305-766-2642 or contact me by email at I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West.

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.